Hey guys, what is your tried and tested entry strategies? Elliot wave? Vsa? Fibonacci? What are you using with great success on entry
Hi,
Try to start with trendlines: open the position once the price holds above decending trendline. Stop below the lowest point for the whole period of trendline, take profit at least 2x.
It is the most simple strategy, that can be improved by additional indicators.
For example, you can look at the simple strategies described bellow MA Crossover - how to time your entries with precision. They have several interesting articles about different strategies.
BTW, RSI works great as the confirmation for the trendline, even better than crossover.
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for what type of trading or fav time frames usually traded.
Maybe more important than where to enter is what to enter. I always want a confirmed, established trend. If its a really consistent trend I will even enter at a new high/low for an uptrend/downtrend respectively, though I would prefer a recovery from a pullback.
e.g. price moving consistently in an uptrend pulls back for a session, so I like to enter a buy order at the high of the pull-back bar.
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I trade the daily
Agree with tommor, more important what to trade using the Day chart or higher time frame.
I look for the trend confirmation and slope strength of about 45° making sure there is at least 75 pips if white space available for a minimum of a 50 take profit.
Keeping in mind that time frames are fractional I would check the lower to make the trend hasn’t started to change. For example several 5 minutes fractions in a row would indicate a change in the major direction may be occurring.
Also I don;t like to jump on a moving train so much so waiting for a pause and getting on is much more prudent.
Forgot to mention always check for relevant news releases.
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I’m using vsa to tell me when to enter and trying to identify where others would have their stoplosses as a entry point. In this example when vsa indicated keybresistemce breaking I put entries in every 10 pips as I had built up good equity and used it as a buffer
I would recommend to go with Fibonacci strategy doe the beginning. This will ensure making low risk entries. And also if you are still not that good in determination of entry points this is the best strategy to start with. My friends tried different strategies but we all agreed that this worked the best for us.
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I agree with you on this one Mr. Tommor. It is more important to consider what you intend to enter rather than where to enter. It is always safer to enter a buy order at the high of the pull-back bar. Your entry strategy can really dictate your success inForex
I am a fan of the fib for entries after the preliminary vsa indicated entry.